The present invention relates to a new form of Pennisetum alopecuroides plant named ‘Yellow Ribbons’. ‘Yellow Ribbons’ is a seedling of an unnamed Pennisetum alopecuroides, not patented, characterized by yellow foliage and yellow-green inflorescences on 50 cm stems that start in mid-August in northern Illinois. The new plant is the result of a breeding program taking place at a wholesale perennial nursery since 2001. The seedling was grown by the inventor at a wholesale perennial nursery in Hebron, Ill. in 2016. The selection of the new plant was due to its yellow foliage and yellow-green inflorescences on 50 cm stems that start in mid-August in northern Illinois. Asexual, vegetative division propagation has been the only means of reproduction. Propagation has taken place at a wholesale perennial nursery Hebron, Ill. in 2017. To date these plants have remained uniform in height. The new Pennisetum has shown to be stable and identical in reproduction to the parent after making over 500 vegetative divisions in 2018. No plants of the new Pennisetum have been sold in this country, or anywhere in the world, prior to the filing of this application, nor has any disclosure of the new plant been made prior to the filing of this application with the exception of that which was disclosed within one year of filing of this application and was either derived directly or indirectly for the inventor.